Technology & Transformation: Key issues for Board Directors, CEOs and CIOs
Kerridge & Partners recently hosted an event on Technology & Transformation, bringing together perspectives across a cross-section of Board Directors, CEOs and CIOs. We were privileged to have a stellar panel of speakers comprising of Jonathan Mason, Susan Paterson, Sheridan Broadbent and Nikhil Ravishankar who collectively bring extensive transformation experience across a wide range of sectors. We had in attendance over 70 board directors and top executives in Aotearoa.
We explored topics around transformation risks and challenges. The panel spoke about the importance of being clear on the “why”, having that as a clear north star and setting the right expectations as transformation is a long game. We discussed issues around scoping and funding capital-intensive technology projects. The panel shared nuggets of wisdom around avoiding common pitfalls such as thinking about transformation as having fixed costs and having false measures of ROI. There were discussions around how to flag up risks appropriately when things are not going well. They spoke about the need for robust problem analysis, critical assessment of mitigation strategies and trade-offs. What really resonated with everyone was the message around the importance of having absolute trust and transparency between boards, executive teams and transformation partners. We were reminded about importance of having the courage to tackle the toughest elements in transformation but also the ability to break down the whole transformation into smaller chunks with a “minimal viable transformation (MVT)” approach. The counter thought to that is to ensure the MVT is not too small that it gives a false sense of confidence. Critical success factors for implementation include having clear prioritisation, good understanding of business processes and having the right capability and leadership to drive the transformation. There were also discussions around working with legacy systems and processes and key learnings around what good organisational change management looks like. We then explored emerging trends around the role of technology in enabling ESG agenda and what it takes to build a digital enterprise.
After nearly two hours of power-packed discussions, we proceeded to a lovely evening of networking. The feedback from the audience was resoundingly positive. Everyone spoke about how rich the insights were and how rare it was to hear cross-sectional perspectives between boards and executives.
As I reflected on the conversations, I thought about the authenticity in the stories and lessons the panel shared. There is a lot of literature around driving transformation successfully. The event’s conversations were an apt reminder of core principles, brought to life with the sharing of lived experiences from organisations the panel members have led or governed. It is impossible to sum up or capture sufficiently the wisdom from the discussions. Someone in the audience said “we should bottle the conversations from today and play it back again and again to a much wider audience.”
I am grateful once again to the panel for their time and also all who contributed their insights to the session based on their own rich experiences and knowledge. Thank you too, to the team at Park Hyatt who looked after us so well.
Adelene Lynch
Contributor: Jonathan Mason